Looking to purchase a short sale?

Are short sales good deals?

Every now and then a good deal will come along. Many people hear the words "short sale" and instinctively think of a seller that is in default and needing to sell their home fast to avoid further financial problems. This is occasionally the case and can be an opportunity for a buyer to do well from another's misfortune. More commonly, a lender may consider a short sale even if the seller is current, but property values have depreciated. In these instances the reduced price may in fact be in line with current market values rather than below.

What's involved in buying a short sale?

• Always do your homework before making any offers. Using a knowledgeable real estate agent from Bret Mundy Real Estate LLC to support your research of a property will help you make knowledgeable decisions. We can help find out to whom the property is titled, the balance still owed to the lender, and whether or not a foreclosure notice has been filed. Having these facts can help you determine how much to offer.

• Use an agent with short sale experience. Bret Mundy Real Estate LLC can aid you in expediting the transaction and ensure that you're protected. Don't permit inexperience to hold up the closing process. Let my experience and knowledge work for you.

• Even in the best of situations and with an experienced real estate agent, buying a short sale property will probably take longer than a typical real estate transaction. Know that most short sales will not close in the customary 30 days or less. Remember that you're not only getting approval from the seller, but the lender must also agree to the terms of the sale. It's not uncommon that your offer will be sent to a committee to approve or disapprove, which will add time - sometimes even 2 to 3 months.
• Home protection plans, buyer credits and allowances, and closing cost concessions are normally not negotiable when working with a short sale. The lender will be selling the property just the way it is which means the lender will not be paying for repairs. Be sure you reserve the right to perform inspections for pests, HVAC, electrical, and other critical areas. At Bret Mundy Real Estate LLC, when I write an offer, I will be looking out for your interests first and foremost and will always suggest that you make your offer contingent upon the outcome of the inspections.